Looks like another Chinese real estate developer is in deep doodoo…

Chinese developer CIFI Holdings Group Co.’s shares plunged by a record after trading resumed upon the release of its earnings, which underscored the hit from a prolonged property downturn.

The stock fell as much as 55% in Hong Kong, the biggest drag on a Bloomberg gauge of Chinese builder shares. The index, headed for a third day of losses, is close to erasing all gains notched during last year’s reopening rally.

The slide comes after the builder reported a net loss of almost 9 billion yuan ($1.2 billion) in the first half of the year. Trading of its shares had been halted since end-March as the firm failed to release earnings on time, adding to a wave of suspensions by fellow troubled developers.

yahoo.com